Gold bounces off resistance

Source: Dukascopy Bank SA


The price for gold bounced off the resistance range at 2,035.00/2,040.00 and declined to the combined support of the 50, 100 and 200-hour simple moving averages near 2,020.00.

A move below 2,020.00 is set to look for support in the 2,010.00 level and the 2,005.00 level. These levels have acted as support and kept the commodity from reaching the 2,000.00 mark.

In the meantime, a potential another surge of the metal would have to break the 2,035.00/2,040.00 range, before approaching the 2,050.00 mark.
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